Huobi Global which had been an old name in the Chinese digital currency market has been exiting from China, although the crypto firm hailed from China. The firm informed that it has already stopped serving its Chinese countries, however, complete disassociation with China and Chinese people will be carried out at the beginning of 2022.
Huobi Global was a Chinese crypto trading platform that emerged as the global crypto trading platform. At least in China, Huobi was the top crypto firm by size, customers, and crypto trade volume. However, times have changed in China altogether. The Government in China has said that they will not allow any cryptocurrency to prevail in the Chinese market. So much so that none of the miners are welcome in the country, said the Chinese Government. Resultantly, a nationwide ban on crypto mining and crypto trading has been put in place.
Although Huobi was a Chinese firm, yet Chinese Government specified strictly that the policy will be applied to even local crypto exchanges. Left with no other option Huobi had to suspend its crypto trading operations in mainland China. It simply cannot go against the writ of the Chinese Government. Resultantly, the firm had announced that it had suspended all crypto-related services to people in China.
It has now once more been confirmed by Binance that it is not serving any customers from China. The firm told in the announcement that it is unfortunate that the firm had to close its business operations in China. However, the situation is not such which can be settled amicably, and indeed it will become far worse than now. The firm then addressed its Chinese customers and said that it will be exiting from mainland China. The announcement was made on 7th December and was made public on social media networks as well.
It has been clarified by Huobi that none of the customers from China would be able to avail of any of Huobi’s services, including crypto trading. The suspension of services will come into effect on 14th December 2021 for the people accessing Huobi from China, clarified Huobi.
Huobi further told that on 15th December 2021, it will end operations in China completely as if it never existed in China. However, the users will have the option to visit and revisit their Huobi accounts until 31st December 2021. Till 31st December, they can access their accounts and transfer funds or even withdraw them. There is no bar if the Chinese people would ever try to log into their Huobi account even after 2021. Huobi said that though none of the transactions can be made, yet Chinese customers can withdraw/transfer their funds for two more years.
Since September 2021, Huobi hasn’t been accepting any new customers from the origin of China. Since there will be no crypto market in China, there is no purpose in keeping the business alive in China, said Huobi.